Form 4: Patterson-UTI Energy Executive Vice President Kenneth Berns Reports Stock Transactions

Executive Vice President Kenneth Berns reports acquisition and disposal of Patterson-UTI Energy Inc. stock related to performance unit settlement and tax obligations.

Summary

• Kenneth Berns, Executive Vice President of Patterson-UTI Energy Inc., filed a Form 4 detailing changes in beneficial ownership.
• On May 9, 2024, Berns acquired 121,829 shares of common stock at $0.00 per share as settlement of the 2021 Performance Unit grant.
• On the same day, Berns disposed of 61,743 shares at $11.16 per share to cover withholding taxes related to the performance unit settlement.
• Berns also acquired 76,800 restricted stock units that convert into common stock on a one-for-one basis.
• Following these transactions, Berns directly owns 947,320 shares of common stock and indirectly owns 34,000 shares through trust(s).
• One-third of the restricted stock units vests on each of May 9, 2025, May 9, 2026 and May 9, 2027.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the transactions are part of a standard compensation package. The acquisition of shares is a positive sign, but the sale to cover taxes is a normal occurrence.

Positives

• The acquisition of shares through the performance unit grant indicates a reward for past performance.

Negatives

• The disposal of shares to cover taxes resulted in a decrease in the total number of shares directly held.

Future Outlook

The executive will receive additional shares as the restricted stock units vest over the next three years.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the trading activities of company insiders, allowing investors to gauge management's sentiment and alignment with shareholder interests.

Stakeholder Impact

• The transactions provide transparency to shareholders regarding executive compensation and stock ownership.

Key Dates